Lithia Motors tops Q1 esimates, ups outlook

NEW YORK (CBS.MW) -- Auto retailer Lithia Motors
LAD, +0.94%
said it earned $7.5 million, or 39 cents a share, in the first quarter, up from $4.2 million, or 23 cents a share, a year ago. Earnings from continuing operations rose to 40 cents from 24 cents a share, a full nine cents ahead of the average estimate of analysts polled by Thomson First Call. Sales rose 14 percent to $637.8 million. The company raised its 2004 outlook to $2.06 to $2.14 a share and said it's expecting 51 to 53 cents for the second quarter. Shares ended Friday up 14 cents at $28.49.

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